CAPSULE SUMMARY OF G20 ECONOMY SUMMIT

 

World leaders again converged this time in lake side city of Hangzhou, china for the 2016 G20 economic summit. Amid slow global economic growth, tax dispute and failed Syria deal, the summit kick started. The summit adopted the theme: Trade; in order to address the economic downturn and trade irregularities that befall the global markets.

At the opening of the two-day meeting, china president xi Jinping addressed the G20 leaders and called for a more “open world free of protectionist laws”. He beseeched the leaders to strengthen innovation that will spur economic growth and reform. He volubly reiterates china’s commitment to outstanding innovation and technology in trade. Leaving no stone unturned, Xi jinping expressed his feelings on tax and regulations. He pleaded for more tax cooperation and anti-corruption cooperation by government.

In the following part, world leaders pledged support to enhance inclusive growth, build a fairer economy that truly works for all and implement Paris treaty on Climate Change.

The summit which ended not without some political heat saw Jean-claude Junker, European Commission head coherently criticized china for flooding the steel market with surplus thereby causing its price to drop. He asked Beijing to accept a monitoring mechanism for overproduction. Europe and U.S faults China for causing inconsistencies in global market price.

Jean-Claude Junker heated the room more when he condemned US reaction to EU’s sanction of Apple Inc. He argued that backdoor tax is no way legitimate and that “free trade must be fair trade”. Junker backed EU on the sanction and dispels the belief that American companies are targeted

Russia and U.S confronted each other with regards to deals on Syria civil war. U.S stressed the need for Russia’s total commitment to the deal. In the press briefing where John Kerry and Sergey Lavrov were expected to make statement Russia’s foreign minister was absent. Russia affirmed that deal will be reached if Washington disassociates itself from Nusra; a rebel group linked to ISIS and U.S condemned this. However, Analysts described the deal as flat and may never be reached.

Obama confirmed his interest to extend trade partnership to Asia, and also to open new opportunities with Britain. Theresa May in her speech affirmed Brexit from EU.

 

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